Fair Credit Reporting Act (FCRA) Step-by-Step Guidance for Compliance

The Fair Credit Reporting Act (FCRA) regulates how institutions may collect and use consumer information provided by third-party consumer reporting agencies. Institutions must establish and implement a compliance monitoring program to regularly review, assess, and ensure that they are complying with the requirements of the FCRA. Explore this step-by-step guidance for handling consumer reports and investigative consumer reports under the federal FCRA.

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Related Content       

• Consumer Reports and Credit History Checks under the Fair Credit Reporting Act (FCRA)
  Understand the federal requirements for requesting and using a consumer report from a consumer reporting agency.

• Fair Credit Reporting Act (FCRA) Disclosure regarding the Procurement of Consumer and Investigative Consumer Reports
  Check out this disclosure notice template for use by an institution to notify an applicant or employee of an intent to obtain a consumer report in support of an application for a loan or employment pursuant to the FCRA.

• Fair Credit Reporting Act (FCRA) Pre-adverse Action Disclosure Notice
  Review this template for an FCRA disclosure notice for use by an institution to notify an applicant or employee of an intent to take an adverse action against the applicant or employee based on information contained in a consumer report.

• Fair Credit Reporting Act
  Gain a comprehensive overview of the FCRA and the requirements for collecting and reporting consumer personal information for credit, employment, insurance, and other purposes.

Practical Guidance Updates
Featuring the latest updates from your Practical Guidance account.              

• Bank Regulatory Counsel Resource Kit and Financial Services Regulations Fundamentals Resource Kit provide guidance related to fair credit reporting act compliance and include practice notes, checklists, articles, and templates to aid practitioners in advising financial institutions in this area.
• State Law Comparison Tool
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